Another ETF coming.$SOL

Trillion-dollar asset manager Franklin Templeton has lauded the Solana blockchain in an X post, leading enthusiasts to hope a spot Solana exchange-traded fund (ETF) may be coming soon after the recent successful launch of Ethereum products on July 23.

Franklin Templeton Is Bullish On Solana

In a July 23 social media post, Franklin Templeton explained why Solana is a key player in the crypto industry and how it is primed to transform the sector in the future.

“Besides Bitcoin and Ethereum, there are other exciting and major developments that we believe will drive the crypto space forward,” Franklin Templeton wrote.

The asset management firm feels that the Solana blockchain has seen skyrocketing adoption and continues to mature. It added that Solana is demonstrating growth by overcoming technological growth barriers. According to Franklin Templeton, the network is also exhibiting significant potential for high-throughput, monolithic architecture.

Solana ETFs To Get Approval Soon?

Franklin Templeton is one of the first issuers of spot Bitcoin ETFs in the US after securing approval from the Securities and Exchange Commission in January. Franklin’s statement regarding potential Solana ETFs notably came on the very day the company, along with eight other asset managers, debuted their spot Ether ETFs on American stock exchanges.

Analyst Eric Balchunas of Bloomberg Intelligence recently suggested that these Ethereum ETFs will open the floodgates for more crypto ETFs, including Solana-based products. Balchunas posited:

“Keep in mind after launch, there are flows, and then add ETH products, I’m sure, then Solana, and then… It’s probably never going to end. The dam has broken.”

Anticipation for Solana ETFs has been building since late June when VanEck filed paperwork to list a fund that seeks to hold SOL. Other rivals, including 21Shares, have also submitted applications for Solana ETFs with the SEC. 

Franklin Templeton’s latest Solana-skewed praise has stirred hopes that Franklin Templeton may also look to issue another ETF tied to Solana in the future.